Santander Overdraft - Paid Item Fee?

eddidaz

On my Preferred Current Account I pay 0% for my arranged overdraft but 50p per day (capped at 10 days) so max £5 charge in a month for a £500 overdraft.

On my Egg card I think the APR is 16.9% so for a £500 balance that would cost £7.04 per month in interest charges.So it's better to reduce my card balance using my overdraft.

However, I'm confused by Santander's 'Paid Item Fee' of £5. Does this mean I have to pay a fiver every time I make a transaction out of my account when I'm in my overdraft? :eek:

IrishGypsy

eddidaz wrote: »

On my Preferred Current Account I pay 0% for my arranged overdraft but 50p per day (capped at 10 days) so max £5 charge in a month for a £500 overdraft.

On my Egg card I think the APR is 16.9% so for a £500 balance that would cost £7.04 per month in interest charges.So it's better to reduce my card balance using my overdraft.

However, I'm confused by Santander's 'Paid Item Fee' of £5. Does this mean I have to pay a fiver every time I make a transaction out of my account when I'm in my overdraft? :eek:

The paid item fee will only apply if you go OVER your authorised Overdraft limit and not before.

ses6jwg

Do you use your Santander preferred regularly?

It might be worth enquiring to see if you are pre-approved for a C/C as the Santander Zero is 0% for 6 months on BT with 0% fee, or the Santander C/C is 0% for 17 months with 3% fee

eddidaz

ses6jwg wrote: »

Do you use your Santander preferred regularly?

It might be worth enquiring to see if you are pre-approved for a C/C as the Santander Zero is 0% for 6 months on BT with 0% fee, or the Santander C/C is 0% for 17 months with 3% fee

It's my main account but I've only had it for a few months - still waiting for the £100 credit to go through for switching.

How would I check? Don't want to apply for another card as I was recently turned down for one, which is partly what put me in this situation.

ses6jwg

If you walk into a local branch they will be able to see on their system if you are likely to get accepted.

It shows as either a "Guaranteed" which means you are 95% guaranteed acceptance and there is no credit check.

"Conditional" or "Preferred for credit card" means likely to get accepted but will be credit scored.

Usually pre-approvals pop up after 3-6 months of regularly funding your current account.

I was turned down twice for credit cards with MBNA and Barclays, but then approved with a £3400 limit with Santander.

You are more likely to get accepted for cards with your bank because they take your account management into account when assessing your application.